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in Irvine, CA
Irvine has a massive self-employed population. Tech founders, consultants, and freelancers all need mortgage options that match how they actually earn.
Two non-QM loans fit this crowd: 1099 loans and bank statement loans. They solve the same problem differently — and that difference matters.
A 1099 loan uses your 1099 forms to verify income — no tax returns required. Lenders typically look at one to two years of 1099s.
This works best for contractors with consistent clients. If your 1099 income is steady and well-documented, this path is clean and straightforward.
Bank statement loans use 12 to 24 months of deposits to calculate your income. Lenders apply an expense ratio to determine qualifying income.
This fits business owners who write off heavy expenses on taxes. Your tax returns may show low income — your bank statements tell the real story.
The biggest split is how income gets calculated. 1099 loans read your gross contract earnings. Bank statement loans read your actual cash deposits.
Rates vary by borrower profile and market conditions, but both carry higher rates than conventional loans. Neither requires IRS-filed income proof.
Pick the 1099 loan if you're a pure contractor — no business entity, no payroll, just client payments on 1099 forms with minimal deductions.
Go bank statement if you run a business, have an LLC or S-corp, and write off significant expenses. Your deposits will show stronger income than your returns.
Some lenders allow a blend, but most require one method. We'll run your file both ways to see which qualifies you for more.
Most lenders want 24 months. A handful will approve with 12. Fewer months usually means a tighter income calculation.
Most 1099 loan programs skip tax returns entirely. Some lenders may still pull them for verification — it depends on the program.
Most non-QM lenders in this space want at least a 620. Stronger scores get better pricing on both loan types.
Yes. Both programs are available as jumbo non-QM loans, which matters given Irvine's price range.
1099 loans often move quicker — fewer documents to review. Bank statement loans take longer due to deposit analysis.